(PharmaNewsWire.Com, April 23, 2019 ) According to the new market research report "Nanocellulose Market by Type (Microfibrillated Cellulose, Cellulose Nanocrystals), Application (Pulp& paper, Composites & packaging, Biomedical & pharmaceuticals, Electronics & sensors), and Region (Europe, North America, APAC) - Global Forecast to 2023", published by MarketsandMarkets™, the Nanocellulose Market is estimated to be USD 284.7 million in 2018 and is projected to reach USD 661.3 million by 2023, at a CAGR of 18.4% from 2018 to 2023. This growth can be attributed to the increasing demand for nanocellulose in the paper & pulp application across the globe. In addition, the increasing private and government funding for research in developed nations is anticipated to fuel the demand.
The electronics & sensors segment is projected to grow at the highest CAGR in the Nanocellulose Market.
Based on application, the electronics & sensors segment of the Nanocellulose Market is projected to grow at the highest CAGR during the forecast period. The increasing use of sensors in the environmental and industrial applications is expected to drive the demand for nanocellulose in this segment. In addition, newer, re-engineered paper substrates manufactured using nanocellulose are expected to address the problems of using commercial paper for electronic device fabrication which in turn would drive the Nanocellulose Market during the forecast period.
Microfibrillated cellulose is estimated to account for the largest share of the Nanocellulose Market in 2018.
Based on type, the microfibrillated cellulose is estimated to account for the largest share of the Nanocellulose Market in 2018. Microfibrillated cellulose has the ability to form a strong entangled network. As a result, it has the reinforcing potential for various applications. As microfibrillated cellulose is less expensive than other types, its usage is projected to increase gradually during the forecast period.
The Europe region is estimated to be the largest market for nanocellulose, in terms of volume, in 2018. Finland is a key consumer of nanocellulose in the European region. The presence of the pulp & paper industry along with key nanocellulose research institutes is contributing to the growth of the Nanocellulose Market. New product launches and agreements are the significant growth strategies adopted by the leading manufacturers of nanocellulose in the European region.
Innventia (Sweden), American Process (US), FPInnovations (Canada), CelluForce (Canada), Stora Enso (Finland), Kruger (Canada), Diacel FineChem (Japan), Borregaard (Norway), Nippon Paper (Japan), UPM-Kymmene Oyj (Finland) are the key players operating in the Nanocellulose Market.
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